Butterfly Network Target of Unusually Large Options Trading (NYSE:BFLY)

Butterfly Network, Inc. (NYSE:BFLY - Get Free Report) saw some unusual options trading activity on Wednesday. Traders bought 2,311 call options on the company. This is an increase of approximately 975% compared to the typical daily volume of 215 call options.

Butterfly Network Price Performance

Shares of BFLY stock traded up $0.35 during trading on Wednesday, reaching $1.54. The company's stock had a trading volume of 10,484,836 shares, compared to its average volume of 1,735,855. Butterfly Network has a 1-year low of $0.67 and a 1-year high of $1.93. The stock's 50-day moving average price is $1.04 and its 200 day moving average price is $1.01. The company has a market capitalization of $324.49 million, a price-to-earnings ratio of -2.66 and a beta of 2.14.

Butterfly Network (NYSE:BFLY - Get Free Report) last posted its quarterly earnings results on Thursday, August 1st. The company reported ($0.05) EPS for the quarter, topping the consensus estimate of ($0.10) by $0.05. The business had revenue of $21.49 million during the quarter, compared to the consensus estimate of $20.06 million. Butterfly Network had a negative net margin of 153.29% and a negative return on equity of 43.77%. During the same quarter in the previous year, the firm posted ($0.14) earnings per share. On average, sell-side analysts anticipate that Butterfly Network will post -0.37 EPS for the current fiscal year.

Insider Buying and Selling at Butterfly Network

In related news, Director Larry Robbins acquired 244,774 shares of the stock in a transaction that occurred on Friday, August 30th. The stock was purchased at an average price of $1.07 per share, with a total value of $261,908.18. Following the transaction, the director now owns 9,955,144 shares of the company's stock, valued at approximately $10,652,004.08. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other news, Director Larry Robbins acquired 244,774 shares of the business's stock in a transaction that occurred on Friday, August 30th. The shares were purchased at an average price of $1.07 per share, for a total transaction of $261,908.18. Following the acquisition, the director now owns 9,955,144 shares of the company's stock, valued at $10,652,004.08. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Joseph Devivo bought 104,000 shares of the stock in a transaction that occurred on Wednesday, August 7th. The shares were purchased at an average price of $0.95 per share, with a total value of $98,800.00. Following the completion of the acquisition, the chief executive officer now directly owns 7,009,221 shares in the company, valued at $6,658,759.95. The disclosure for this purchase can be found here. 27.28% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Butterfly Network

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. grew its stake in shares of Butterfly Network by 2.9% during the first quarter. Vanguard Group Inc. now owns 7,885,238 shares of the company's stock worth $8,516,000 after purchasing an additional 218,720 shares in the last quarter. Cetera Advisors LLC purchased a new position in shares of Butterfly Network in the 1st quarter valued at about $1,250,000. GSA Capital Partners LLP raised its position in shares of Butterfly Network by 3.0% during the 1st quarter. GSA Capital Partners LLP now owns 559,008 shares of the company's stock worth $604,000 after acquiring an additional 16,496 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. raised its position in shares of Butterfly Network by 15.3% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 421,296 shares of the company's stock worth $455,000 after acquiring an additional 55,892 shares in the last quarter. Finally, Renaissance Technologies LLC lifted its stake in Butterfly Network by 46.5% during the second quarter. Renaissance Technologies LLC now owns 343,100 shares of the company's stock worth $288,000 after purchasing an additional 108,944 shares during the last quarter. Hedge funds and other institutional investors own 37.85% of the company's stock.

Butterfly Network Company Profile

Butterfly Network, Inc develops, manufactures, and commercializes ultrasound imaging solutions in the United States and internationally. It offers Butterfly iQ, a handheld and single-probe whole body ultrasound system; Butterfly iQ+ and iQ3 ultrasound devices that can perform whole-body imaging in a single handheld probe integrated with the clinical workflow, and accessible on a user's smartphone, tablet, and almost any hospital computer system; and Butterfly iQ+ Vet, a handheld ultrasound system designed for veterinarians.